Saving with Steve, April 12, 2022
Saving with Steve with Steve Sexton
Guests, Pat White and Dr Randall Bell
Saving with Steve
The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.
We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.
everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins-and-outs of money we talked about financial issues that could be costing you $1,000 and keeping you up at night we talked about money tax reduction saving more spending less 401k's risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton<br>you shall we talk about the ins-and-outs of money pretty much everything under the sun it relates to you having a healthier happy relationship with money my name is Steve Sexton I want to welcome you to the show you know what I want to thank you for listening sharing it with your friends your family we just succeeded 550,000 listen to so we're really excited about that today we have Pat White co-founder and CEO of B way he's going to discuss everything cryptocurrency taxes bill-paying where there is for you to accompany you know what and what you like to see moving forward how the US government's looking at that taxation cuz that's a real big so if you don't know anything looking to get into it you want to stick around for that now we're also going to talk about some simple retirement hacks for people who are starting to save for retirement in your 50s style next most important to me we have social Economist and author Randall Bell has consulted and more disasters and anyone in history<br>widely considered the world's top authority in the field of post-traumatic thriving you know what stick with this year we're going to be right to him to learn how to tap into energy from a trauma and used to do something remarkable that you wouldn't otherwise do now Taco Bell welcome to the show I want to thank you for joining us today I'm glad to hear everybody is listening a little background on you okay besides being an economist and sociologists dr. Bellows research is taking them to more than fifty states seven continents he said he cases like you've been on cases including the World Trade Center Flight 93 crash BP oil spill Hurricane Katrina the nuclear testing it Bikini Atoll the tragedies of JonBenet Ramsey the OJ Simpson's as well as the Heaven's Gate mass suicide Manson mass suicide there in San Diego that Medium the media often cause dr. Bell the master disasters this experience has given<br>unprecedented access and inside the cycle Disaster Recovery Prosperity you know he's somebody who knows his ability to analyze complex situations present his findings an interest in organizing intelligent way so you have the background on dr. Bell you say wow he's been through a lot of things that I'd like to start with is you do it with so many experienced such tragedy we have people that got covid people passed away from covid-19 what I had a brother that passed away from Martin and cancer from last March or this March and you see shootings writings and it's almost like you know what this is disaster they hit that have that I want to say that war zone experience and what's the cycle that people go through when they experienced something like that. I'm sorry to hear about your brother and so my heart goes out to you and the basic cycle is that you go through a phase of prosperity and there we tell ourselves a big<br>why is my number one is it it can't happen to me and then then there's the disaster and then the we get the old kind of humbled and beat down and then the second grade<br> and people that really you do get into the bay recovery and the post traumatic striving are those who reject both those lies that the realized it can happen to me and that there is no and they more dial into that kind of mindset in that cycle how does somebody get from you know what is a process I'm using that people have to take to not buy into the lie it's almost like that of you know what we call it like an alcoholic has where they are they don't think they have a problem but yet they do and they don't realize it's okay what are the steps that somebody has to take do in order to understand hate you know what that is a lie this can happen to me and then you know how does that healing take place outside Woods in three sections the dive survive and thrive divers when you get hit and I talked about the the mechanics of trauma and what it does to your brain chemistry<br> an understanding that it's in and of itself is very helpful other surviving stage where we get back on our feet in the first stage is where we blast off. Everybody does that some people get stuck in the middle or is it a reality but it's the chapter ones on shock trauma hits there's that shock of are you kidding me I me when I was 11 years old I was told I needed open heart surgery<br> they remember the shock of that experience and there's the bargain and I bargain with the doctors I parked with my parents I bargain with God nobody wanted to listen to me I needed the surgery then there was the denial and and you know all of that ultimately you land on the depression stage and that's okay all those days are normal and it ain't all that anger is normal as long as you don't get stuck there and as long as you don't hurt anybody including yourself all those all those stages of the dive Stager completely healthy normal but we don't want to get stuck there you know I am assuming it's almost like grieving for somebody how long is that process usually take for somebody to get through it if you if you still are down in the dumps and the Press is time to seek some help you get your trauma recovery is not a solo act you got to you got to accept help you can't barely decide one of the classic music<br> make as we just buried inside outside it will look fine but inside there's an internal war and and it stopped pretty okay it's almost like you know my brother's wife and his kids they're going through group counseling and they're saying okay other people are like me they're getting through this and now I can share my they can relate to other people and share and realized they were in this together is that kind of what we're saying yeah absolutely I mean there there's black called the dynamic duo of healing and they're they're already doing number one which I'm really happy to hear Ms to sit in the fire individual counseling a good friend you got to tell your story you can't breathe inside even journaling but get it out and disgusted that's where you get healing the people that get into some really you know horrible aftermath of those that again buried inside so they're doing exactly in the next step is<br> that process like well the first part of it is because you know really cuz I got to deal with this is messing up my life I'm messing up other people's lives and then there's the chapter on storing things and you you take what good you can out and then separate the good from the bad and just kind of differentiate between guilt and shame there's a whole thing about that and then the fun part of survival is you start exploring you know instead of self-care and it's been a fun year maybe I should rekindle this friendship you know there's there's no one way to recover, there's lots of ways and we we trying to go from self-medication and drugs or alcohol or prescription drugs to self care in his golf whatever is kind of what kind of help can I reboot or bring them that gravitates toward acceptance<br> interpersonal people don't about 15 years ago I went through that about a colon cancer where is my surgeon footage after I survived he says you know what in about 4 hours you either would have went through renal failure has a tattoo of the clock to be calling for the cancer is growing so fast you would have went from a stage two to stage four and we pretty much would have made you comfortable until you passed and you know what waking up from that and then you know coming home from the hospital it was one of those things like you said I started reaching out to people curtail my whole schedule cuz I definitely work too much of the time and all of a sudden little things that make a difference anymore and you know people that I had spent time working when I should have been connecting with him I started doing that and I think that's one of the things that was the best thing for me cuz some people were was interesting because when I went through it<br> people didn't want to talk to me because they didn't know what to say or were embarrassed that they didn't try and talk to me to see how things were going is that something that people need to learn how to deal with her just understand and accept her absolutely there is a awkward you know what do you say to someone in my own family there somebody in my family who's been told by the doctor she has two years to live so you know I'm going out of my way because I've been through enough of this of these disasters the store for it I'm going out of my way to talk to her and I'm going out of my way to you know hang out with her and have those uncomfortable conversations but they're awkward and while there you know sometimes even that's what we get here when we buried inside there's a lot of regret what I should have done this I should have done that we don't want to do that we can sit in the fire and have these conversations this is the best way to go I was just going to say one of my best friends growing up I mean she's his mom used to blow my nose that's how long we've known each other<br> he did not contact me at all and knew that I had gone through your colon cancer and all that and it wasn't until I think it was 78 years later when he found out he had to stick Euler cancer he called me I think he spent like 25 minutes just apologizing and saying he was sorry and crying and all that kind of stuff and for me it was like hey it's okay I made it I am it was it was it was tough but I'm really thankful for that but now you know it when somebody gets to the thriving side of things that like what is it what does people what are people thinking we a I've survived this and now they're looking at thriving with the ring the principal life away from Leo Fender electric guitar<br> Leo had, he when he was 8 years old as I am out with a picket fence with a glass eye and then later he had his hearing blown up with an amplifier so he was deaf and blind organization because my dad work they're the family that's her family lived two streets away I really got the inside story of of post-traumatic driving from him despite his disabilities and one thing was like we talked about you no talking about he only told his wife but he told somebody about what was going on and secondly this is deep breathing exercises that's the second part of the dynamic duo that is very healing and I see that over and over again Leo's particular practice was he turn on a really hot bath and soak in it for an hour before working if you can call it meditation you can call it yo yo get you can call it will call it brownies doesn't really matter what you call I put the the studies at a Harvard there's at least 2022 studies at a Harvard Medical School the show that deep breathing exercises resets the brain because you're traumatized<br> you go from the human brain to the inner instincts and sensual Reptilian Brain that's where all the trauma and gets recycled I'm trying to go through a whole lot of you do biology but the deep breathing exercises literally resets the brain very simple that's what Lee offender did and that's a big part of getting into the thriving stage with more Dr about we're going to be right back we just got to pay some bills with some commercial more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve so weird to be talking about the in an ounce of money was Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the savings with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton a little we want to thank you for tuning in and I appreciate you letting your friends and family members know about her show all the replays are available at ww.w saving with Steve at us if you're enjoying the stories of helpful information Insight I encourage you to subscribe to our YouTube channel so you never missed a show check us out a few of our fuel its UK Health radio BBS radio talk radio New York City e360 TV and Las Vegas TV all these networks are dedicated to empower you to solve problems uplift your spirit and live a life of personal and Financial Freedom you can always follows it Facebook at the saving a C-section Facebook page you can get Insider information replays behind the sea information I need to do is go to the website it's saying with Dave. Us you know what again this is the saving with Steve show on talking to dr. Randall<br> spell master disaster and we've been talkin about deep breathing resetting the brain could you give us an idea how that deep breathing works because you know what I think a lot of people with covid crime politics all sorts of things they're getting traumatized one way shape or form and just to be able to have a simple technique that an able to relax Center and figure out how they want to show up that day could make a big difference nervous system in other words you know where I live or alert there's no drama going on that we're aware of him and that's where we are when and by the way by Khalid 66 to 85% of everyone Nina walking the planet and by now with covid maybe a hundred percent of our brains are our parasympathetic nervous system turned off and are sympathetic nerve<br> system turns on that's when we get stressed and what's going on is the brain at the base of our brain is sending the signal right above our kid needs to release adrenaline and we get that light light Breeze mode where is kind of like the cop pulls up behind you in the rearview mirror and all the sudden you know internal you're going to I'm really anxious here or something even worse than that and what happened is when the alarm goes off whatever it is that the whole memory of the event is Jordan that in a Reptilian Brain we're talking about and so when the doctors come the ambulance comes whatever happens there's things that were backstage what happens if we get rid of trigger just like to hear the Vietnam vet when the when the back car backfires they hit the deck you know cuz they think is a socially with gunfire that's Nature's Way of protecting the way we get out of that light light Breeze mode which is unhealthy went well and there's no real Danger<br> still think about you question the deep breathing it can be as few as six deep breath but I deal is like 15 minutes then you can get an app on your phone for meditation or however you want to do it but it literally resets the brain chemistry there's that in the Harvard study by reference they actually measured the brain growth with with brains jams so well it sounds remarkably simple maybe it just really really works and that's how it works now basically how you're really doing is your breathing in gender as much as you possibly can in a Sloe long breath out word is that pretty much the size of it or you can do that and in the book I have three or four there's no right way as long as you're doing it I just close your eyes you can be no deeply breathe in and out you can some people use what skull Monster breathing up sake in their minds will say the word sew on the NL in Palm on the Estee all that you know some people don't like<br> some people do there's lots of ways to do it the bottom line we just need to do it it's awesome you know what if you're just joining us this evening with Steve shower talking with dr. Randall Bell about his book post-traumatic striving the artscience and stories are resilient you want to go to Amazon to five star book It's a Wonderful book now could you share some stories other than mr. Fender about some everyday people that might be dealing with covid or issues that they have their little and you know what I think a lot of people don't realize when we say we are 65% of people have experienced trauma that trauma could be falling off a wall breaking your leg that could be being yelled at for abusing not realize it when you're little it could be witnessing a crime witnessing somebody pass away that you know what we see I see like people react<br> it might be something that somebody had on Wednesday chastise them for a number of years when they were younger and when somebody starts in that same motion there already in that mindset is that kind of the woods to one of the difficulties of death of these divorce you know just traction disaster it but you had a nice list they're already buy your book one of things when my brother passed away either young me she went out there to help and she wasn't planning to stay but he took a turn for the worse and she was there in the hospice care at the hospital when he passed away and has been having some issues with it so I bought the book send it to her cuz I would love to her for her to you know get through that cuz she's not many people I've had that experience so she doesn't have a lot of people to go to so I wanted to get the book for so now when we take the steps of thriving obviously we want to re-center the brain what's the next<br> well we want to reconnect with people we want except support in mdmp to learn new ways to connect with people we we got to have it. There's a chapter on forgiveness one of the other great in life is to forgive and forget you know we're not going to freak you're not going to forget your brother passed away I'm not going to forget my heart surgery we all have traumas and and the forgiveness is more you know just coming to peace with allowing the memory of that come to go through our minds without being restricted and have the adrenaline set off and all that kind of stuff and and then there's a chapter on resilience what we refrain we've set new goals and I'm kind of tapped into our Newfound her house and her husband's house was smashed by a landslide and now they got the big Ranch that they've always dreamed about and they refuse me that her husband that has a bunch of buildings where he outfits western movie<br> butchers always says g r e ya, doesn't always have to be negative it can wake us up to do something we've bought his intended or wanted to do and ultimately well you know where we want to land has a sense of gratitude for me you don't have an open heart surgery was a tough when I was eleven but as an adult as a tall white straight guy from Orange County California I didn't grow up with a lot of sympathy I just you know what is the lot of struggles people have now when I see a kid in a wheelchair I see someone in Marshall Eye Society I have a whole new level of event for that person and I'm willing to admit it I get it you're my I want to see I will check this out with me so I'm grateful for that I'm not grateful I was. But I am grateful that it it made me kind of grow up and wake up a bunch of people from Orange County or you're right going through six months where the chemotherapy and recovering from a surgery for a month<br> was not fun and you know he was that good when do they have a drug called 5-fu so I say this because I was the guy that would lead 30 minutes before my son's birthday and then drive home and always be late afterwards I didn't work past 5 didn't work the weekends I've been to every single one of my kids games I've been involved with every one of their events and you know what I am just unbelievably grateful I'm on the upside of dust out of the grass so to speak so I agree with that I think that's wonderful I like the Forgiveness part you know what I find that I'm just going to say cuz I'm with this being a person who is always told you you're not tall enough not strong enough and that was the field behind me excelling and I was still have resentment toward some of those coaches some of those people and I<br> how long is a Propel me to success but I was so resentful but after cancer I said hey it's just not worth it why should I worry about that I got two little hair as it is and you know I don't need to lose any more so I'm just joking there but that's that I just I thought that was wonderful so you know what we have about thirty seconds could you tell everybody you know the different ways if they would like to get ahold of you for help you know what go to your website all that kind of good stuff and I'd like to do another promo on your book doctor bell.com I'm easy to find you this Google my name Randall Bell and I'll pop right up but I love to discussion on Amazon all the books and get back to me send me an email cuz I loved the conversation and if there something missing in the book let me know we'll go in the next Edition but the conversation trauma and jiggly childhood trauma is the number one<br> problem baby Mantine or I should say humanity and and if we can make the conversation bigger we can heal from the trauma we can make the world better and if we don't do that at least we'll make our life brother so thank you Steve I appreciate that I know there's a lot of people out there in the streets that are homeless and a lot of times it's from the fact that they could just deal with their traumas and they didn't learn how to survive and thrive so I think this book is wonderful I hope we can share it with more people again dr. Randall Bell his got a wonderful book called post-traumatic driving the earth science stories are resilient to five star rating it's in bookstores everywhere you can get at Amazon right now again I want to thank you for joining us today doctor and I hope you have a happy healthy weekend and maybe we'll have you back soon if you'd do the same I'm enjoying every second I appreciate it you have a good day bye bye bye by guest by the name of<br> white seal B wave going to fill us in on everything cryptocurrency more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving Willis TV show where did he talk about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton to saving with Steve show we just had dr. Randall Bell talking about his book post-traumatic thriving the art of science stories of resilience Sun Amazon five star wonderful interview you want to go back and listen to that again again read that if you ever been through phenotype of trauma is interesting to find out 65 to 85 per-cent of people<br> have been impacted by at least one trauma experience in mind even a hundred percent when it comes to covid hey Ern how to dive for Survive and Thrive by taking out this poker going to doctor bell.com now right now I want to talk a little bit about retirement hacks relate survivors late starter now that again that's retirement hacks for a late start so if you have been grinding through life and you now decide it's time I need to start saving for my retirement k retirement plan and see if you feel behind 2020 report showed that the economic well-being of us household conducted by the Federal Reserve showed they'd only 44% of Americans aged 45 to $59 retirement savings were on track leaving more than 50% of people feeling left behind starting or saving for retirement when you're 50 or older isn't impossible it just requires hard work<br> if you're of a mind you're not alone there are resources available so you can start retirement planning now it's about you needed the key is to develop a mental discipline to shave and then make the most of retirement accounts using catch-up contributions all of which you can learn how in the next few minutes now we're going to go through a number of steps so you can listen to this over and over again if you missed it first of all you wanted to terminate how much cash you're going to need and when you're going to retire no gate the key is to step up and start saving. This is going to be hard work you started late find a good adviser who can help you understand the three most important question how much Capital do you how much money you need to save how much do I need to save regularly and how do I invest with the highest opportunity for Success because quite frankly if you save the money and put it in a CD to turning point six little cute you choose 1064 years to double it that's a long time<br> might even be the first thing higher financial advisor when getting your retirement portfolio on track financial advisors can guide you they can show you often for formulate a plan to get you where you want to go so if you're an advisor can help you consider the options regarding pensions if you're in the States Social Security those benefits you received from your government making model the future benefits that can be no reason for fighting what you should expect they can also help you understand what clients taxes will look like in retirement remodel realistic spending goals understand what health care costs could potentially be in if you're in the United States understanding with Medicare coverage and so on next thing is Big the key here is to create a budget and sticks with how do we create a budget first of all we want to listen to everything that were spending break things down if you're eating out to copy out food out you know drive-through fast-food if you<br> buying food at the store how much is pre-packaged how much is not you want to list the cable bill the cell phone bill every single expense if you have big lump sums like property taxes or insurances that you pay wants you you're breaking into a monthly bill gang look at everything from those ass start cutting things out of that budget that you're not spending thank not spending look for ways that you can do the same stuff but spend less so if you have one of those cell phone plan and your on the top floor companies look at one of the sub companies you might find there on the same network you can get the same service but instead of paying $54 you can pay twenty-five like we did for a family of four that's a hundred extra bucks do you think 100x relax isn't a lot but it's a lot when it comes down to paying down your guests saving more for retirement look at your cable bills consider going through AT&T in Life or Hulu live or someplace like that where instead of spending three hundred<br> text Ramon you can spend a $9,800 a month on the internet and other 50 or 60 on Hulu live and buy a couple laps paper self another hundred dollars a month look at refinancing<br> cash into the house eliminate some of the expenses that you have so you can free up money when you want to look at reducing your debt and paying it off as much as possible according to Experian average Americans have $92,727 in debt in 2020 season with Dad you know what holds money from your pocket book making it harder for you to save for retirement the key here is this you better at learning and interest then paying interest so how do we go about paying them that that you want to list all your debts lowest balance in the highest balance the payment date the minimum payment the interest rate I believe in a Snowball Effect some people believe you should start with the highest debt I believe you should start with the lowest it cuz I want to meet make it easy to create momentum what I do is I pay the minimum on every single day and on the smallest one I put as much as I possibly can if I stayed an extra $200 or $300 on my budget I'm going to have two or three hundred dollars plus a minimum payment<br> do that first one when it gets paid back pay off I'm going to take out what I was paying on that first one and add it to the second and third one and that's how I create momentum is pretty soon you'll have it all paid up in one of the other things you might want to consider if you're 50 is a look at downsizing okay when you look at downsizing it might be a good idea to look at how much you're spending so you can end up selling that house that you don't have all the kids anymore and they're paying cash for the next house and you've eliminated a mortgage okay you might even consider staying on a job longer hey you know what your 62 you're getting so much it real Social Security or from your government or your pension but you know what if you say five years longer you can get twenty-five 30% more and that might be what you need in order to get yourself to a point where you can retire and next thing if you're in your 50s you have the ability to maximized your retirement account so you can take advantage of the catch-up so right now.<br> you can almost computer $27,000 a year if it's you and your husband find a way to do that couple things that are cool about it is you'll pay less taxes on the you won't be paying any taxes on the money you contribute and it compounds for you you could save a lot of money also consider annuities why because they can create a guaranteed income that you won't outlive discover lost money by utilizing side hustles there's many people have started raining out of room like if you have that big house cuz you got three kids away at College hey consider renting out the rooms kids might not like it when they come back you know what but you can make an extra two three four hundred dollars a month or have a side hustle I know a lot of people who are touring individuals with English and other countries and you know what they're making $23 an hour to do that now the other thing is you want to decide when your going to claim things like Social Security or your pension of game why cuz the longer you wait the more you're going to get but you got to make sure it's going to be there when you walk<br> now there's some great hacks there for you to start saving for retirement if you haven't started yet remember you're going to have to become a discipline saver you're going to have to cut things out of your budget you're going to have to have a financial advisor help you with realistic goal now you know what you want to stick with this we've got Pat White and just a moment we'll be right back more expert advice for having a happier relationship with money still to come I'm the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show we're going to be talking about the in an ounce of money was Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the savings with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton running has like eight to share this with your friends family and Associates this is Steve Saxon with the saving of Steve show I'd like to introduce you to Pat White he's co-founder and CEO of a bit wave and you know what millions of Americans simultaneously are buying more cryptocurrency and those with the IRS the SEC and you know how to declare crypto account acetic specially at scale and more and more investors piling the cryptocurrencies regular is have not kept pace with the guidance on how to invest in me to ask to it and it's typically true for most companies it's it's really interesting the way this is working out because this has been one of our biggest viewer<br> question does how does this all work cuz I know you have you have the ability to pay bills with crypto and Billy to do their their taxes and many other things with B way so you know what pattern would have welcomed you to the show thanks for being here is one of my passions I've been in the space for a while now I personally hold it on my own and my own portfolio and then now we have a start-up where we're trying to enable cryptocurrency for businesses it is a it's a really exciting time to be involved in all this stuff and I am very excited to share that with you and let you know what's really interesting we're starting to see business Titans and icons you know hey announcing their buying the cryptocurrency really cool sports sports stars aren't saying they want to get paid only in cryptocurrency off of their off the big contracts I mean it is almost unprecedented time we are requesting<br> who requested anonymity as payment for because he got paid in cryptocurrency and that's not a bad gig over the last year their appreciation on their crypto under the other Bitcoin purchase I think they bought in a round 16 K I think it's what everyone's saying I'm someone that ran their appreciation has been about seven hundred eighty million dollars the amount of money they made from selling cars it's been about a 750 million dollars so so Tesla has actually made more money on paper from crypto than they actually made selling cars last year so how long have you been in the industry I've been around crypto for for six or seven years now just started watching it you're buying a little bit here and there it's fun it's going to kind of get involved with<br> it's fun to be there and as a technologist it's it's just it's a really powerful thing like that the story for crypto from the very beginning has been one of financial self empowerment and and I think like when we when we look at crypto and it sure I'm sure for a lot of people look at this deal has been around officially since 2009 but they probably feel like everything exploded recently and what is a big reason for that is you know you you on bus and yoga in Dogecoin and all these things are kind of fun but what really happened is it more and more of the story of financial self-empowerment has started to come to reality on within within the cryptocurrencies fears so today Francis like I won't spend a lot of time talking about this but today you could buy some Bitcoin you could take that big one and you could go to the etherium network which is a Bitcoin ethereum a few other cryptocurrencies are out there but you guys should take that big point of put it into a deposit<br> Miriam and then borrow money to pay your bills or you know or do I pay your taxes for the year or you can loan it out to earn me you'll just like you would from a bank accept you're getting 8% yield on the blockchain is opposed to point zero to 5% in your in your bank account so there's no point where there's suddenly all these different ways to use crypto they're beyond just buy some Bitcoin and hold it where now you can build on it or borrow money against it in really really it becomes part of your again Financial self-empowerment so here's what I think I love hearing that and then you have some of that sitting back and you here in a while by Warren Buffett long ago that there's nothing that supports this currency you know somebody who bought it way back when I started and he's only 35 now and he no longer has a need to work anymore because the growth in it and everybody thought he was crazy and he was just wasting his money but obviously he's not that crazy<br> like most great ideas but help us understand you know what the foundation for Bitcoin cryptocurrency cuz I think people are worried about you know what the US dollar was on the gold standard 1.70 talking about the oil standard or whatever but help us understand the foundation behind cryptocurrency are all cryptocurrencies are all currencies in general so people can get me a make a connection about currency as as this as a medium of exchange but essentially as as hermit agreement we as a bunch of people are kind of making with each other so in this intensity of somewhat controversial statement of even on the internet you know if you come out and say well the US dollars not really back buy anything that's actually true it's like since we got off the gold standard the US dollar is just a piece of paper now it is backed by<br> the acceptance of that piece of paper by people all around the world and even that is sort of a funny controversial thing to say because you people live in the United States but in fact like the US Dollars then so far beyond the United States there are people that use it seriously for every bit of their day-to-day transacted in Argentina Venezuela you do all over the world though it's not that you have to serve a separate this idea of a currency having value because his back buy petrol or because it's backed by gold or whatever it is to this acceptance the crypto-currency has value because everyone agrees it has value and that's and that's where you could that's where like cryptocurrency comes in is it cryptocurrency has value not because it necessarily back by there are economic mechanisms to describe the store of value what is Ashley being stored it smell like Bitcoin there are described what is that you can store it in there but beyond all of that what is important<br> everyone kind of agrees that Bitcoin has value that there is value in having a deflation area type acid they will be hedged against inflation and and that you wanted to do that since way you can move it around very rapidly in the in the world is a great time you know stealing that you probably covered this or you will but it just yet we just released inflation numbers for for the last quarter inflation the US was 44 and three 4.38% something in that range you know that's what you looking for their currencies what people are asking themselves Bitcoin by itself is designed to be a deflation reassess there is a fixed number of coins will ever exist in the world and every every four years the number of coins except they get produce per day drops by half so do there's a limited number of crypto Bitcoin they're going to be out there is only twenty million will ever exist in the world so you can look at this as a deflation million metric tons<br> 600m across of gold that exist in the world where that's right anyways you can look it up it's a fun one. I will be in the world until we start mining asteroids Bitcoin to the value comes from Jen hates the price of Bitcoin versus the US dollar as we can print more US Dollars the price of Bitcoin vs. that there are we'll go down because it is fixed and this is not so that's like that's the way of the Tesla and Microsoft different companies yo inflation and I'm sure your your viewers your listeners think about that which is that we just print it as a USB just print it out 2 trillion dollars for the stimulus package we're about to print 2 trillion more dollars for the the infrastructure package regardless of whether these get paid for by taxes or not it's a very big inflationary effect that's why you saw that Jenna was January numbers looking like that so cryptos is a very good hedge against<br> especially Bitcoin we have about a minute left before you have to go to break but the question I have is if third world countries like you talk about Venezuela's which has hyperinflation real that's why they want a more stable currency like the dollar but if they start going on cryptocurrency bitcoin bouquet or other cryptocurrencies how would that stabilized he can Amex the country because they can no longer to Value their men that could they can't the value that currency currency policy or they're there with monetary policy from the economy in general because these prices tend to have terrible economic policies but there will still buy bread and all those things on a day-to-day basis so Bitcoin is one of those things that can be incredibly good for individuals are cryptocurrencies in general as if you get a return trip is really designed for this<br> four countries like that which have really really low transaction cost really quick to send and uses as transacting currencies do is to be enormously liberated because you can move it you can even do great remittances it's very easy to move it from the u.s. to this foreign country without that without the country forcing you to turn into Fiat with Argentina does do they make force USD coming in to move over to pesos so you can do it without the Vault and it ends up being wedged against that in fact the more people want to dump their their country's Fiat the more you will see the coin as she get picked up so countries moved to kind of make it illegal but that's very difficult to do with him and Al to Pier I think we're going to see in the next couple years is the first instance of a of a country actually moving over to a cryptocurrency dollar standards are moving off their own Fiat to a computer and see if we have to take a break that's wonderful hey everybody<br> we're talking cryptocurrency with Co Pat White. So stick with us we're going to write back or going to be talking about taxes and all sorts of things this is wonderful having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving Willis TV show where did he talk about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton Steve thank you for listen to show sharing with your friends and family if you'd like to see all the episodes you can go to saving with Steve. Us or you can follow us on YouTube and season with Steve Sexton again if you'd like to follow up with her on Facebook you can go to saving with Steve sex and now we're right back here with cryptocurrency bitwave and co-founder and CEO of bet way Pat White know one of the things that we're talking about on her break is GameStop and what it got people to realize and do so could you talk us through that one more time I know we just started know it's no problem between between was a tiger can get a few of the other shared pandemic experiences we all had one of them<br> the whole GameStop debacle I know I was in it I was I was thoroughly enjoying it if you remember what happened was that your people they saw a short squeeze happening which was where it was but one had fun today see over over a leverage themselves and it shortened GameStop people start buying into it to essentially make their that hedge funds position unmaintainable as that was happening there was a day and if my memory is like Tuesday that we were going to go parabolic I mean literally. Day was the day that there is a short squeeze was going to happen it was a disaster for for the hedge fund it was billions of lot of dollars on the stake from the from the financial services industry and the major players in the Trading Spaces retail trading space all froze trading on on Robinhood this was upsetting for many of us they were kind of invested and it don't like Wall Street and we're excited about about about taking the dollar pay cut but where the show is now and borrow money or lend money there are ways to go on the potty today and<br> buy stalker by derivatives of stock or make bets on future action so what's happening is if there's there's going to be this movement of the next few years we're all a lot of traditional financial instruments that block Wall Street controls loans debt Creek Cabins and then start training is going to start to move into into these pure to pure deceitful as mechanism that are instantly settled where no one can really get keep you in or out of it is yours it is you you are fully self-determined on it that was one more thing to do and then they took their take off with GameStop in a very weird roundabout way SE doing about that they're not happy about it. It depends on how it goes well they can't do it so they aren't happy but I get that a lot of the laws we have in the books in the US around unregistered Securities are designed to protect investors are designed to protect investors that was from the security scans people would run their desire to<br> about the stuff what happens though is that this is all happy on the blockchain the companies are based around the world you start a company in the Cayman Islands you you live in Malta you launch something like this you're you launch a derivative product their products where you can do better on the price of gold 3 months from now I just like just like you could if you were a major financial institution that you had Goldman Sachs as your partner golden would let you come in and make bets on Futures on Commodities it's hard for you and me to do that like no one's invited me to go to just come out of these a brokerage account recently but you can go and do that on the blockchain so they're nervous about it but but how many opens up in the Cayman Islands okay so now we got to move into the tax question how do you know when you're by yourself you use scripto for payment how is it how it looked on in taxes what's the IRS doing you can think if all you are doing is buying some Bitcoin holding it and then selling it and you're you're not already in the yield on it so you're not using my block fiora's<br> call CS or any of those networks and you're not you're not doing any of this defies this crazy decentralized Finance stuff that I've been talking about here to buy you get a cost basis so if I buy it for $40,000 and then a month later I sell for $50,000 that is a $10,000 Capital short-term capital gains then I can do that as a long-term capital gains smells exactly like like you know a normal plastic currency on the marketplace any currency I just your sign up for a coin base account sign up for a kraken account yote you there are it's very easy as long as you sort of just stay on the exchange buy and sell from their it's it's really easy to basically get to to start yo dipping your toes into cryptocurrency so okay so let's talk about on your platform understanding is people can do<br> accounting they can do their bill pay how does that work well where things were they start to get really complicated so if all you're doing is buying and selling crypto it's not that soon as you start transacting really tricky because if you think about it if I get paid one bill coin for my services then will I have to do is I have to grab a fair market value for that big boy so I'd say it's $40,000 is like the spot prices demo it and I have to record that isn't either as a business that goes on to my income statement as an individual that goes on to my you know about 1099 that I have to register think I have to keep track of that of that same pasta dish it so that $40,000 cost basis it follows that Queen Aloft so then when I go and spend that coin or sell it or buy a Lamborghini or whatever it is I'm doing either need to know what what that Quinn was when I got it as income and then what I sold it at and the difference between those two is then also capital is then also capital gains you pick up capital gains not just from<br> and holding even from when you if you receive it as income or if you pay it out his income as as a services in both those cases you're tricking if you triggering a taxable event so that's another words but if you are tricking each axle bent it is an expense and it's a deductible expense you can offset it but you be tracking to ductable expenses vs. not deductible expenses yeah exactly so if a company is doing this and they're on B way they're going to say hey we already know that you got it for 40 more selling it for your using 60001 Bitcoin to the $60,000 to buy this new piece of equipment and you're going to use that once you buy the equipment you're going to use the 197 deduction to offset the tax that you would pay the $20,000 gain a Bitcoin or or yes pick it up it's an expense and they'd appreciate the a-side there different ways you going to handle that<br> now that's that's the bookkeeping as a billing at the taxes so let's her talking about the future of cryptocurrency it is really excited so is people are taking a small amount of their net worth and that it would have to be business is looking at their treasury or individuals look at their own their own assets and the currency and it's worth about black hole in a good way like it it sucks you in and it doesn't like once you start down the path forever will let Dad down here your destiny is Star Wars land in there also and I'll do it because they're worried about inflation oil stocks or what or anything else is a b as a hedge against inflation they and they hold onto it there where you can speak or Celsius you deposited there and you start earning three four five six percent interest on that<br> and that's now you know how can acid that you're holding is no place your ass it but you're also running a yield on it at some point then they are using your dollars to lenses somebody else they are they are doing different things behind the scenes they're taking your your Bitcoin they hold it on their balance sheet as a big one so from my perspective just booked a deposit into a bank account but then they go to a bunch of stuff behind the scene men put their money to work your loan it out do this defy stuff and then they're earning the yield on the bed and bring back to me after they take a little bit of a cut so you can do that and that's scared then you can start playing around with that stereo and all this other decentralized Finance where you can actually borrow money against it if you need to cover medical expenses and you have you no $10,000 a Bitcoin you can borrow $6,000 in cash against that to basically go and pay your expenses and pay today<br> almost like a margin loan you can do without without having a TD Ameritrade account or going through regulation just like you to walk through all the wave does how people can get a hold of you you know what I really appreciate you being part of the show and sharing all that is Bitcoin and I mean your person to perfect your passionate about that and that's the best part of my life and I love it we are at a business and you're interested in taking digital assets as payment or paying your employees yeah we see a lot of people who wanted to pay bonuses as a fun thing to their employees and digital asset we can support that Brit www.or at do a platform on Twitter or you follow me at Pat White on Twitter so we would we would love to have to have you worried that we're always looking for businesses that want to start using creeped out<br> I want to thank you so much for being here this has been wonderful I had to join to talk with you cuz you're so passionate about it is x e e z y probably lucky perfect because this is what people driving around want to know about crypto and many people are considered a hate how can I do better for my business so if we buy through our business and use it to pay bills to be a benefit for us in fact I have a former client that has a tremendous amount of Bitcoin and he's actually using it to purchase equipment and all sorts of things and he thinks it is it is going very well for a unlogged hear those stories we asked me to see so much more of it it it really is going to change the face of Finance so for someone who deals with a real game-changer that sits right now that the giant kind of waking up finally thank you so much for being here this is our listeners as well as for me<br> wish you all the best I'd like to circle around a few months and see how things are going that's why co co founder bitwave just filling Us in on cryptocurrency what's going to happen taxes SEC the whole shot now I want to thank you for joining us today we had dr. Randall Bell discusses post-traumatic driving the art of science stories of resilient again you can get on Amazon at the five-star anybody's been through trauma wonderful book ban secondly we talked about retirement for a late starter 8 if you're 50 years old don't have enough saver don't feel you have enough saved for retirement Hey listen to that help me get on track find a good financial advisers make sure you understand how much this a reducing expenses to holeshot and then we had Pat White see you a bit way talks about everything cryptocurrency I want to thank you for joining us will see you next<br> bye bye thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton<br>